With Bitcoin (BTC), which has dropped below the $21,000 barrier, the cryptocurrency markets’ recovery has come to a halt. After losing more than $30 billion over the previous seven days, the whole cryptocurrency market found itself once again below the $1 trillion threshold.
On the plus side, BTC was able to maintain its position of over $20K, and the Ethereum ecosystem also got some welcome news.
Since the beginning of the month, when the price of Ethereum reached an all-time high of $1275, the coin has been trading at the $1250 level since then, drifting sideways.
The price of Ethereum could rise toward the channel’s upper border in the interim to approach the closest barrier at $1500.
Will ETH Start a Journey Towards ‘Recovery’?
Ethereum seems to be gearing up for a bullish restart after a rough run of several weeks. Several well-known cryptocurrency researchers and traders who have been keeping a watch on the coin for months claim the same.
A recent tweet from trader Peter Brandt included an ETH chart that implied the coin’s value would no longer decline. Over the past few weeks and months, ETH’s price has had its fair share of declining volatility. Additionally, the price dropped below $1,000.
The chart Brandt provided shows that ETH is forming an inverse Head and Shoulder pattern, a bearish reversal pattern, and a sign that the price may increase. The price of ETH might reach $1700 if the upward price trend is successful.
Peter’s shift in thinking shows the unpredictable and dynamic character of the cryptocurrency market. Given the market circumstances at the time, Peter seemed to be rather negative on ETH about a month ago.
He even predicted that the price of Ethereum may drop to $300. Since then, a lot has happened, and many crypto fans have had their beliefs changed.
At the time of writing, ETH has gained more than two percent and is trading at $1,220.
Was this writing helpful?
Link del artículo original
Si el presente artículo, video o foto intrigue cualquier derecho de autor por favor señálelo al correo del autor o en la caja de comentarios.